EUR/USD bumping towards 1.07 in Monday bullish bounce
Updated
Greetings dear traders! Brian here.
Currently, the EUR/USD is trading under pressure below 1.0700 in the cautious Asian trading on Tuesday. It is speculated that the completion of ECB's interest rate hike serves as a hindrance to the common currency, while a decrease in USD action could support this pair.
On the 4-hour chart, this currency pair is recovering from multi-month lows. The key resistance level seen is at 1.0710 and closing above that level on a daily basis could indicate some slight decline for the Euro. On the other hand, breaking below 1.0630 would reveal 1.0600 levels with strong support around 1.0570.
On a positive note, surpassing above the downward trend line at 1.0715 may strengthen prospects for Euro.
Currently, the EUR/USD is trading under pressure below 1.0700 in the cautious Asian trading on Tuesday. It is speculated that the completion of ECB's interest rate hike serves as a hindrance to the common currency, while a decrease in USD action could support this pair.
On the 4-hour chart, this currency pair is recovering from multi-month lows. The key resistance level seen is at 1.0710 and closing above that level on a daily basis could indicate some slight decline for the Euro. On the other hand, breaking below 1.0630 would reveal 1.0600 levels with strong support around 1.0570.
On a positive note, surpassing above the downward trend line at 1.0715 may strengthen prospects for Euro.
Note
good luckNote
The key risks to EUR’s outlook are an earlier-than-expected dovish ECB pivot and/or growth momentum in Euro area continues to decelerate sharply.Note
If you have any questions, just ask Brian!Note
In the European calendar, New Car Registrations in the European Union (EU) expanded 21.0% in the year to August, and Producer Prices in Germany rose 0.3% MoM in August and contracted 12.6% compared with the same month a year earlier.
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